Microstrategy announced late last week that it had purchased 11,931 new Bitcoins worth $786 million. The firm, run by Michael Saylor, took advantage of the BTC price decline to boost its holdings of the cryptocurrency.
MicroStrategy Acquires Nearly 12,000 New Bitcoins
MicroStrategy revealed late last week that it took advantage of a period of price decline in the cryptocurrency market to buy more Bitcoin. In its latest transaction, MicroStrategy bought 11,931 new BTC for a total cost of $786 million.
According to the company’s announcement, MicroStrategy collected the new coins between April 27 and June 19. With this, MicroStrategy raises
Its total Bitcoin holdings amount to 226,331 units, with an average purchase price of $36,798 per unit. This brings the company’s BTC reserves to 1.15% of the total circulating supply of BTC (19,715,259 units).
At the current market price, MicroStrategy's total Bitcoin holdings are worth $14.55 billion.
While MicroStrategy’s bond issuances have been reported on several occasions since March, this week’s announcement appears to have something to do with it. In parallel with its Bitcoin purchases, the company announced that the net proceeds from the sale of recently issued convertible bonds brought in $786 million . So the source of the funds for the latest BTC purchases seems pretty clear.
As a reminder, since its initial $250 million investment in August 2020, MicroStrategy has been steadily expanding its Bitcoin portfolio. It has also strategically accumulated its BTC holdings to amass up to 1.15% of the total circulating BTC supply.
This deliberate accumulation of Bitcoin is central to Michael Saylor’s treasury strategy, which is a firm believer in BTC reaching $1 million. MicroStrategy’s continued investment in BTC also reflects its strong commitment to crypto assets as a core investment.
